Business & Markets

Marathon Petroleum Explores $15 billion MPLX Asset Sale — Sources

Marathon Petroleum Co, the largest U.S. independent refiner, is exploring the sale of assets of its pipeline subsidiary MPLX LP worth as much as $15 billion, people familiar with the matter said on Wednesday.

Kazakhstan Decreases Gas Supplies to China

Kazakhstan has reduced natural gas supplies to China by 20-25%, Energy Minister Nurlan Nogayev said on Wednesday, after importer PetroChina issued a force majeure notice to suppliers this month.

Oil Price Collapse Sours Midstream Buyout

A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices and shares of U.S. oil producers plummeted.

U.S. Gas Jumps Almost 9% With Oil Price Gain, Hopes of Shale Output Cuts

U.S. natural gas futures soared almost 9% on Tuesday, following a 10% increase in oil prices, on hopes of economic stimulus and expectations the oil price collapse will prompt U.S. drillers to cut back on oil and gas production in shale basins.

INGAA Chairman ‘Bullish’ on Natural Gas Pipeline Activity for 2020

Longtime industry veteran Stanley “Stan” G. Chapman, III has been selected by the Board of Directors of INGAA to serve as the organization’s chairman.

Gibson Sanctions Million-Barrel Expansion at Hardisty Terminal

Calgary-based Gibson Energy Inc. said it has approved the construction of one million barrels of new tankage at its Hardisty Terminal.

State Awaits Final EIS after Answering Final Questions from FERC

With an additional 2,000 pages of charts, data, maps and explanations, the state-led Alaska liquid natural gas (LNG) team finished out 2019 by answering the last batch of questions from federal regulators for the project’s final environmental impact statement (EIS).

Russian Production Increase Limited by Export Constraints: Traders

Russia’s ability to quickly lift oil production following the collapse of a global agreement to cut is restrained by bottlenecks in exporting capacity, market sources said and Reuters calculations showed on Tuesday.

U.S. Gas Prices Turn Positive After Falling to Lowest in Decades

U.S. natural gas futures turned positive by midday Monday after earlier dropping to their lowest in over 21 years as they followed a collapse in oil prices.

Alaska LNG Passes Major Permitting Milestone, Hurdles Remain

A U.S. energy regulatory report for Alaska Gasline Development Corp's proposed Alaska liquefied natural gas project found it would provide economic benefits to the state but could cause some significant adverse environmental impacts.

Oil Plunges Over 20% on Saudi Arabia, OPEC Deal Collapse

Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabia slashed its official selling price (OSP) and announced plans to raise crude production significantly, signaling the start of a price war.

Brazil's Petrobras to Begin Sales Process for NTS Pipeline Stake: Executive

Brazil’s state-run oil firm Petroleo Brasileiro SA will begin the process this month to sell its 10% stake in gas pipeline firm Nova Transportadora do Sudeste SA (NTS), according to Anelise Lara, the oil company’s director of gas and refining.

Cameron LNG Train 2 Begins Commercial Operation

McDermott International, Inc. has announced the beginning of commercial operation of Train 2 at Cameron LNG, which is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd. and Japan LNG Investment, LLC., following its substantial completion.

Meritage Midstream Commissions New Natural Gas Plant in Powder River Basin

Meritage Midstream announced that its subsidiary, Thunder Creek Gas Services, LLC, has completed commissioning of the Steamboat I processing plant in Converse County, Wyoming, west of the town of Douglas.

Oil Slides as Demand Worries Overshadow OPEC Deal to Deepen Supply Cuts

Oil prices fell on Thursday as the coronavirus epidemic showed no signs of slowing, feeding worries about the global economy and prompting investors to sell more risky assets like stocks and crude oil and park money in safe havens.

Pipeline Upgrades to Increase Natural Gas Flows into New England — EIA

Several natural gas pipeline upgrades are either planned or under construction in New England, which will increase deliverability into the region over the next several years, according to data from the U.S. Energy Information Administration (EIA).

Kinder Morgan Uncertain About Permian Pass Pipeline

U.S. energy company Kinder Morgan Inc said its proposed Permian Pass natural gas pipeline in Texas faced an uncertain future since no customers for the project have been lined up in the current low-price environment.

PetroChina Suspends Gas Contracts as Coronavirus Hits Demand — Sources

PetroChina has suspended some natural gas imports, including LNG and pipeline gas, as a seasonal plunge in demand adds to the impact on consumption from the coronavirus outbreak.

Nigeria to Back $2.59 Billion AKK Gas Pipeline with Sovereign Guarantee

Nigeria will issue a sovereign guarantee to back the bulk of a gas pipeline that is a core part of the government's energy strategy, Finance Minister Zainab Ahmed said on Wednesday.

Poland Ready to Supply Belarus with Oil if Pipeline Upgraded

Poland is ready to supply Belarus with oil, but first needs to invest in its pipelines to enable reverse flows, Poland's minister responsible for energy infrastructure said on Wednesday.

U.S. Crude Oil Production Grew 11% in 2019 — EIA

Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels.

U.S. Gas Prices Turn Negative at Texas Waha Hub

Natural gas prices at the Waha hub in the Permian basin in West Texas fell into negative territory, forcing some producers to pay other parties to take their gas.

Tellurian Looking to Cut Costs Amid Weak LNG Demand

Liquefied natural gas (LNG) producer Tellurian Inc said on Monday that it planned to cut spending and was seeking to extend the maturity date of a loan, as it looks to cope with weak demand and low prices for the fuel.

Energy Transfer Announces Supplemental Open Season for Bayou Bridge Pipeline System

Energy Transfer subsidiary, Bayou Bridge Pipeline has launched a Supplemental Open Season to solicit additional shipper commitments for transportation service from Nederland, Texas to Lake Charles, Louisiana through the Bayou Bridge Pipeline System.

ONEOK to Expand Elk Creek Pipeline

ONEOK has announced plans to expand two of its natural gas pipelines by the end of Q1 2020, including the Elk Creek Pipeline.

Trafigura, Phillips 66 Form JV for Deepwater Texas Oil Port

Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.

Ameren Illinois Continues to Modernize With $8.5 Million Gas System Projects

Ameren Illinois announced additional updates to its natural gas system with $8.5 million in replacement projects scheduled for completion by late October in Springfield and San Jose.

EPIC Announces Completion of Crude Oil Pipeline

EPIC Crude Holdings has announced the successful commissioning of its 30” permanent crude oil pipeline.

China Imports 840 Million Cubic Meters of Gas Through Power of Siberia

China imported 840 million cubic meters of natural gas by Feb. 25 through the "Power of Siberia" pipeline, launched in December, or an average of 10 million cubic meters daily, state-run Xinhua news agency said late Wednesday.

Eversource to Acquire Columbia Gas of Massachusetts Assets for $1.1 Billion

Eversource Energy announced that it has reached an agreement to purchase the Massachusetts natural gas assets of Columbia Gas for $1.1 billion from NiSource.